U.S. Lost 131,000 Jobs as Governments Cut Back (362 hits)
With the departure of thousands of temporary Census workers and thousands more let go by state and local governments, businesses could not rescue the American labor market in July.
Government figures released last week confirmed that the American economy slowed in the spring, and the latest jobs numbers suggested that the weakness continued into the early summer. With economists and politicians fervently arguing over whether the economy is poised for liftoff or stalled on the runway, Friday’s jobs report did little to end the debate.
In remarks made while visiting Gelberg Signs, a small business in Washington, President Obama acknowledged the uneven pace of the economic revival.
“The road to recovery doesn’t follow a straight line,” he said. “Some sectors bounce back faster than others. So what we need to do is push forward. We can’t go backwards.”
